The latest GDP figures for the first quarter of 2019 were revealed on Tuesday and the nation recoiled in horror when it learned our economy had shrunk by 3.2% over the course of three months. Depleted mining and agricultural industries suffered the most damage, and the stuttering start to the new year has caught the EFF’s attention.
The red berets are fuming with Cyril Ramaphosa, and they have derided his attempts to kickstart the economy through direct foreign investment. In a reactionary statement, they called the president’s approach to economic growth “fundamentally flawed”, and blasted him for prioritising “globetrotting” over domestic issues.
Cyril Ramaphosa in the firing line
Ramaphosa came to power 16 months ago and was seen as the “sensible” choice to many political commentators. But his honeymoon period of Rama-phoria came to a shuddering halt last September, as South Africa was plunged into a recession – something that has the potential to happen again later this year.
— Stats SA (@StatsSA) June 4, 2019
As well as a decline in the primary sector of our economy (hit by a decrease of 11.4%), manufacturing also nosedived by -8.8% from January to the end of March. Some of the blame for South Africa’s regressive economy can be pinned on Eskom’s struggles, but this really is a cluster of factors that has left the country staring down the barrel.
EFF blast “capitalist” South Africa
In their bellicose statement, the EFF insisted that the capitalist system in Mzansi had been “a total failure and disaster”. They vowed that they would continue to propose their alternative policies upon their return to Parliament.
“President Ramaphosa’s approach to economic growth is flawed and will lead South Africa towards recession. He should appreciate that globetrotting will never lead to economic growth, there has to be a clearer focus on the domestic economy to boost industrialisation.”
“Leaving the economy in the ownership and control of capitalist conglomerates has proven to be a total failure and disaster when it comes to driving economic growth and development.”
Of course, the party think they could do a much better job than Cyril, too: They believe interventions such as the creation of a State Bank, committing to land expropriation without compensation, and the donation of 30% of the pension fund to “domestic economic activities” would be the best way to stimulate growth.
- You can read the full EFF statement here:
EFF Statement On Negative Economic Growth Under Ramaphosa Leadership. pic.twitter.com/7dhEos8UPV
— Economic Freedom Fighters (@EFFSouthAfrica) June 4, 2019